Taper anxiety is feeding a sell-off that some argue should be embraced. Stocks dropped at the opening bell, with 10-year yields spiking 3 basis points to 2.85 percent after the November ADP Employment report came in stronger than expected, at 215,000 vs. 173,000 consensus.
Stocks, however, are still in an uptrend. Heavens, the anxiety!
The S&P 500 has been on a fairly steady climb for a full year. There have been dips--notably in May/June and October--but they have been shallow. Since then, its been higher highs and higher lows. We are only one percent off the historic highs. With all the hand-wringing, you'd think we were down 20 percent.